IRVINE, Calif., Feb. 5, 2013 (GLOBE NEWSWIRE) -- New Western Energy Corp. (OTCBB:NWTR), an independent energy company engaged in the acquisition, exploration, development and production of oil, gas and minerals primarily in North America, today announced it has established NWE Technologies Inc., a wholly owned subsidiary, to develop, acquire, and license the next generation technologies for Enhanced Oil Recovery (EOR).
Advanced Resources International (ARI, 2011 Report) estimates that an additional 26-61 billion barrels of oil could economically be recovered with today's EOR technologies, potentially more than doubling current U.S. proven reserves. Moreover, "next generation" EOR technology could yield substantially greater gains, possibly increasing recoverable domestic oil from EOR to 67-137 billion barrels, and storing 20-45 billion metric tons of CO2 that would otherwise be released into the atmosphere.
The Company immediately intends to deploy and use EOR on its existing 120 wells in Rogers County, Oklahoma and 25 wells in Texas. In addition, the Company plans to market and license its EOR technologies to operators and owners of "stripper or marginal" wells, which are classified as an oil well or gas well that produces less than 10 bopd or 60 MCF of gas per day respectively. According to the US Department of Energy (DOE), there are over 700,000 of stripper wells in the United States and one out of every seven barrels of oil produced in the United States comes from a stripper well. EOR can significantly extend the lifespan and revitalize production of mature oil fields in the United States.
"We strongly believe there is a tremendous growth potential in developing, marketing and licensing EOR technologies directly to operators and owners of stripper wells in the United States. Further, our existing and planned production will directly benefit from the use and deployment of EOR technologies offered by our newly established division," said Javan Khazali, President and CEO of New Western Energy Corp.
About New Western Energy Corp.
New Western Energy Corp. is an independent energy company engaged in the acquisition, development, production, and exploration of oil, gas and minerals primarily in North America. To learn more about the Company, visit: www.newwesternenergy.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated production. Actual results could differ from those projected in any forward-looking statements due to numerous factors including, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as "probable," "possible,""recoverable" or "potential" reserves among others, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our Annual Report on Form 10-K and our other filings with the SEC at www.sec.gov or from us at New Western Energy Corp., 20 Truman, Suite 204 Irvine, CA 92620.
CONTACT: Javan Khazali (949) 435-0977